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Natural Gas, WTI Oil, Brent Oil Forecasts – Oil Drops As Trump Talks To Putin
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Key Points:
- Natural gas tests new highs as traders react to cold weather forecasts.
- WTI oil pulled back below $71.50 as traders focused on geopolitical news.
- Brent oil declined towards the $75.00 level.
Natural Gas
Natural gas continues to move higher as traders focus on cold weather forecasts for February 12-22.
A move above the $3.60 level will push natural gas towards the resistance at $4.00 – $4.05.
WTI Oil
WTI oil is under strong pressure as traders focus on geopolitical news. Donald Trump and Vladimir Putin had a lengthy conversation and agreed to start negotiations. Traders bet that some sanctions on Russia could be lifted, which is bearish for oil markets.
A move below the $70.00 level will push WTI oil towards the support level at $67.00 – $67.50.
Brent Oil
Brent oil retreats amid broad pullback in the oil markets. Traders are focused on the potential increase of oil supply from Russia.
In case Brent oil manages to settle below the $75.00 level, it will head towards the recent lows near $74.00.
For a look at all of today’s economic events, check out our economic calendar.
About the Author
Vladimir Zernovauthor
Vladimir is an independent trader, with over 18 years of experience in the financial markets. His expertise spans a wide range of instruments like stocks, futures, forex, indices, and commodities, forecasting both long-term and short-term market movements.
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